The advisory industry has made the big time

The publication of NBR's Rich List is normally something which is light hearted, a bit of fun and not that relevant.
This year it's different.

Monday, July 30th 2001, 7:16AM

The publication of NBR's Rich List is normally something which is light hearted, a bit of fun and not that relevant.

What's striking about this year's Rich List is that the financial services industry in general is well-represented, and for the first time advisers have made the list.

The two most obvious names are Money Managers' chief Doug Somers-Edgar and Mike Pero of Mike Pero Mortgages.

But there are also many other people who play roles in the financial services industry.

This reaffirms the belief that financial services is one of the best industries to be in, and its one which has great growth potential.

The people who have made the Rich List deserve congratulations from the industry as a whole.

Sure we are likely to face a bit of ridicule and criticism for putting various people up on a pedestal. We say bugger the tall poppy syndrome. The people who have made the Rich List have built up successful businesses in their own right.

We argue that the promotion of their businesses and success have flow on effects for the whole industry. Everyone benefits from that.

Their success is a beacon to others that the financial services is an attractive place to work and you can make good money. Right now that sort of promotion is badly needed as there is very little fresh, new blood coming into the industry.

What's not said in the Rich List though is that there are a significant number of other people in the industry who have done well and are amassing their own fortunes.

Anecdotal evidence and observation suggests that the advisory business is moving from being a cottage industry to something far more corporate.

(Check out the car park next time you go to a fund manager roadshow, or take a note of the vehicles the Money Doctors drive).

While we salute the whole industry for its success, we should single out those who have made the Rich List. After all advising is all about wealth creation for clients. If you can't do it for yourself, how can you do it for them?